Owens Corning to sell siding unit

July 19, 2007

Owens Corning will sell its siding unit, including the company’s Norandex/Reynolds distribution business, to global building products supplier Saint-Gobain for $371 million. The sale includes three vinyl siding manufacturing facilities in North America as well as 153 distribution centers in the United States, covering 38 states.

Earlier this year, Toledo, Ohio-based Owens Corning announced it had undertaken a strategic review of its Siding Solutions business. The transaction is expected to close in the third quarter.

Owens Corning and Saint-Gobain are also in talks regarding a joint venture in the reinforcement and composites business. Saint-Gobain, headquartered in Paris, is a $7.4 billion company that draws 19 percent of its worldwide sales from the United States and Canada. One of its divisions, roofing and siding manufacturer CertainTeed, is located in Valley Forge, Pa.